Nuveen LLC Takes $18.51 Million Position in MYR Group, Inc. $MYRG

Nuveen LLC acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 163,683 shares of the utilities provider’s stock, valued at approximately $18,511,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in MYRG. Versant Capital Management Inc raised its holdings in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its holdings in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after acquiring an additional 101 shares in the last quarter. CWM LLC raised its holdings in shares of MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider’s stock valued at $146,000 after acquiring an additional 826 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of MYR Group by 43.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider’s stock valued at $186,000 after acquiring an additional 490 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of MYR Group by 234.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 937 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

MYRG opened at $181.69 on Wednesday. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $220.01. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.82 billion, a P/E ratio of 37.93 and a beta of 1.17. The firm’s 50-day moving average price is $183.47 and its 200-day moving average price is $150.81.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same quarter in the prior year, the company posted ($0.91) earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MYRG shares. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Robert W. Baird boosted their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. KeyCorp boosted their target price on shares of MYR Group from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Piper Sandler boosted their target price on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. Finally, The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.83.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.